Emissions: the on-going scandal

In the papers over the weekend we read diesel cars are emitting up to 14 times more pollution than previously thought amid warnings that manufacturers have been misleading the public.

Emissions scandal

The first government analysis of cars conducted following the Volkswagen emissions scandal found that all vehicles substantially breached limits on levels of deadly nitrogen oxide.

Meanwhile an influential think tank, Policy Exchange, has called for increasing  and extending the 3% diesel surcharge and reducing the capital allowances for diesel fleet vehicles. Citing the need to move to Petrol, Hybrid, Electric vehicles to reduce local pollution whilst having no adverse effect on CO2  emissions. They claim diesels are likely to continue to have higher Nox emissions and incentives for their purchase need removing.

In the meantime you will have noticed that all the car manufacturers are producing small sized engines with high torque very low emissions and nigh on 60mpg plus economy. 

Whilst the death of the Diesel engine is far from nigh, it’s prosperous past, however, is finished unless we find a solution to its toxic emissions, which in the short term seems unlikely.

Volkswagen emissions latest

Coincidentally Volkswagen has increased the amount of money it feels necessary to cover expenses from its diesel emission test manipulation scandal by €9.5 billion (£7.2 billion) to €16.2 billion (£12.2 billion), according to chairman Matthias Mueller.

The increase, announced during a press conference earlier this month comes after the German car maker informed shareholders late last year that it was setting aside €6.7 billion (£5 billion) for potential costs, including a recall of diesel-powered Volkswagen models. 

Volkswagen has also announced that it will not, as it earlier promised, meet its deadline for the official report into its emissions rigging by the end of April. It said that it expects to conclude the investigation by the end of the year. It added that the disclosure of the interim results of the report at this point "would present unacceptable risks for Volkswagen and, therefore, cannot take place now".   

The more than doubling of financial provisions for the diesel emission test manipulation scandal pushed Volkswagen to a pre-tax loss of €1.3 billion (£1 billion) in 2015 – the largest loss in the company history. This compares to a pre-tax profit of €14.7 billion for the previous year, 2014.

Volkswagen said it expected sales across the group, which includes Audi, Seat and Skoda, to fall by up to five per cent in 2016.

The Bentley Bentayga

What have we been up to recently? We financed 81 Cars and Vans in March including a Bentley Bentayga, which seems to be a marmite car (you either love it or hate it) anyway we financed one of the first in the country.

Also financed were 9 Fork Lift trucks, a phone system and scaffolding. So it's not all cars! There are a breadth of items that we arrange financing for our customers.

Our virtual reality dream car

And finally on a lighter note, we now have virtual reality goggles together with 3D sound so we're looking forward to owning our virtual Ferrari later on in the year.  That's of course assuming we pass our virtual test and get our virtual licence!